China's Forex Regulator Denies Calling on Payment Platforms to Halt Overseas QR Code Transactions
Zhang Xia
DATE:  Aug 16 2017
/ SOURCE:  Yicai
China's Forex Regulator Denies Calling on Payment Platforms to Halt Overseas QR Code Transactions China's Forex Regulator Denies Calling on Payment Platforms to Halt Overseas QR Code Transactions

(Yicai Global) Aug. 16 -- China's State Administration of Foreign Exchange has denied reports that it issued a notice to payment institutions requesting they halt all overseas payments involving foreign currency using QR codes.

Payment institutions asked employees to discuss responses to the order, media outlets reported yesterday.

SAFE responded saying it did not issue such a notice, while China's two biggest third-party payment services, Alibaba Group Holding Ltd.'s [NYSE:BABA] Alipay, run by Ant Financial Services Group, and Tencent Holdings Ltd.'s [HKG:0700] Tenpay, said they have not received any such information.

China will continue to support the development of cross-border e-commerce, promote the facilitation of overseas trade and guard against risks related to cross-border capital movements by improving systems and regulatory methods, the regulator said. The administration aims to support operations compliant with its regulations and the healthy development of payment institutions.

Follow Yicai Global on
Keywords:   State Administration of Foreign Exchange,Payment Platforms,Alipay,Tenpay,Forex,Cross-Border Payments